Monday, 26 December 2016

Live Stock Market Updates - Sensex, Nifty down 1%; Hindalco falls 5%

Out of 1,889 stocks traded on the NSE, 1,291 declined, 233 advanced and 365 remained unchanged today. All the BSE sectoral indices were trading in the negative territory.

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The Indian equity market declined amid weak Asian trading on a day most major global markets are closed for a holiday. The stock market fell in early trade amid buzz over government imposing taxes on long-term capital gains from trading in shares. The Nifty is at over 7-month low threatening to break the 7,900 level.

The S&P BSE Sensex is trading at 25,829 down 211 points, while NSE Nifty is trading at 7,916 down 69 points. The BSE Mid-cap Index is trading down 1.42% at 11,593, whereas BSE Small-cap Index is trading down 1.38% at 11,634. Benchmark Indices see negative trade in 12 of 18 sessions. This month so far.
Divi's Labs extended losses for the second consecutive session and hit its new 52-week low of Rs 759.
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Infosys, Wipro, MMTC, Hindustan Copper, GSPL and Reliance Defence and Engineering are among the gainers, whereas Cipla, Axis Bank, Adani Ports, SBI, Asian Paints and Tata Motors are losing sheen on BSE.

A total of two stocks registered a fresh 52-week high in trade today, while 25 stocks touched a new 52-week low on the NSE.

Out of 1,889 stocks traded on the NSE, 1,291 declined, 233 advanced and 365 remained unchanged today.

All the BSE sectoral indices were trading in the negative territory.  Pharma, realty, metal,  banking and auto are showing weakness on BSE.

The INDIA VIX is up 9% at 16.4900.

Asian indices were flat as with almost most large markets closed today the volumes were expected to be low with most cues coming from local sources. Chinese stocks lost while Taiwanese index made up the gains as markets end 2016 almost unchanged.

The week gone by saw market cap erosion of around Rs.2.5 lakh crore for the BSE. With foreign investors mostly on a holiday, activity would be on thin volumes. Volatility could step up ahead of the F&O expiry on Thursday.

Markets are factoring in that economic activity will take longer to normalise following the demonetisation drive. ICRA has revised its forecast for GVA growth in FY17 to 6.6 pc. The Finance Minister soothed frayed nerves over the weekend as he clarified that the government had no intention to impose tax on long-term capital gains from trading in shares. Sections of the media, had misinterpreted Prime Minister Narendra Modi’s speech, the FM said.

Meanwhile, the PM is expected to announce ‘radical reforms’ and said the government will not shy away from taking difficult decisions that are in national interest. An early budget is also expected to improve productivity.





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